By Adriano Marchese
Titan Medical Inc. said it will cut costs and furlough staff to preserve its funds while it undergoes a review of its strategic options.
The Canadian medical robotics technology said Tuesday that it will furlough about 40 employees at its Chapel Hill, N.C., facility, which is part of its U.S. subsidiary, effective immediately.
In late November, the company launched a review process to evaluate a range of strategic alternatives, including a corporate sale, a merger or other business combination, a sale of all or a portion of the company's assets, and a strategic investment or other significant transaction.
Titan Medical said the furloughs are necessary for it to continue working on its investigation device exemption filing with the U.S. Food and Drug Administration and to support the strategic alternatives review process.
Cost-cutting measures will affect the timing and costs of the company's milestones, including the development of its Enos surgical system, Titan Medical said.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 06, 2022 09:42 ET (14:42 GMT)
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